GOGGINsurance, LLC.

Health Reform Updates

Individuals had until Mar 31, 2014 to enroll in medical insurance to avoid monetary penalties. However, there is still an opportunity to pick up health insurance now instead of waiting until the next open enrollment which will not be until December 2014. Contact me for details. Accidents and illness can bankrupt you if you do not have insurance. Don’t wait until it is too late. Contact Me

SHOP Marketplace – Does it impact my business?

The Small Business Health Options Program (SHOP) Marketplace, or exchange, is an online marketplace where small businesses and their employees will have access to private health insurance coverage. On October 1, 2013, open enrollment begins for individuals. Small businesses in Maryland may enroll in the Marketplace starting Jan 1.

FEATURES

Employer Choice – employers can choose a single plan to offer employees

Simplified – one enrollment platform for your employees

Qualified Health Plans – all plans on the exchange will offer 10 minimum essential benefits. Limited health benefit plans will no longer be offered unless these essential benefits are met.

Dec 2015 Employers with 51+ full time employees can be penalized for not carrying health insurance for their company. Part-time employee hours are added together to create a full-time equivalent employee. The Federal Government has created forms to help employers determine the status and number of their full-time equivalents. Contact me if you would like these forms.

July 1, 2014 – IRS no longer allows an employer to reimburse employees with pre-tax dollars for the cost of health insurance if the employee purchases coverage directly from the SHOP or Exchange Marketplace. Employers can reimburse the employee with after-tax dollars added to wages. This method distorts wages and adds to an employer’s payroll costs. Sponsoring a health plan directly can be more economical with the right plan design. Contact me for details.

Small businesses with under 50 full-time employees will not be penalized for not providing affordable, minimal value health care coverage to your employees. All part-time employees can be added up to equal a full-time employee. If you have under 25 employees, you may be eligible for Small Business Tax Credits of up to 50% of what you pay toward the cost of providing health insurance to your employees from 2014 to 2016.

SHOP Marketplace (or Exchanges) and large EmployersHow does it affect my business?

While employers and employees will have guaranteed health insurance available through State exchanges, there are different rules for large employers

Employers up to 50 full-time employees can use the SHOP Exchanges to provide health care coverage to employees but States can cap the use of the Exchange for businesses with 51-99 employees up to 2016. For Businesses over 99 full-time employees, The SHOP Exchanges are not available at this time but the States may choose to open the SHOP Marketplace to companies of this size in 2017. Employers with at least 51 full-time employees are subject to financial penalties for not offering health insurance to their employees starting in 2015.

Health Reform

What's New?

1. Employers with 50+ employees will be penalized if no health coverage is offered

2. Companies must notify employees of Health Marketplace Exchanges

What's Coming

July 1, 2014
Mental Health care must be treated the same as other illnesses. This means that copayments, deductibles, duration of coverage for services and limitations ca not be treated different for mental health than it is for other illnesses.